Briefly discuss the correct treatment of vacation pay in the accounting records. Which payroll taxes are...
Discuss which payroll taxes are the responsibility of the employee and which are the responsibility of the employer. Be certain to include how you would record these entries. Joe is paid, in cash, $1,000 for the week just ended. Use the following information to determine Joe's take home pay and the total payroll, federal and state, tax expense for the company Joe works for. Federal Income tax 3% of gross pay State Income tax 2% of gross pay Social Security...
Which basic records are generated in most payroll accounting systems? a. A payroll register b. The employee's safety awards record c. The employee's earnings record d. Only "A payroll register" and "The employee's earnings record" are correct.
Should employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken? Use and discuss accounting principles to support your answer.
1. Which of the following payroll taxes are paid ONLY by the employer on payroll? a. federal income taxes b. social security taxes c. state unemployment taxes 2. Revenue expenditures are? a. are know as balance sheet expenditures b. additional cost of plant assets that do not increase assets life or productivity c. are debited to asset accounts
eBook Calculator Print Item Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $207,000 Income tax withheld $75,152 Warehouse salaries 114,000 Social security tax withheld 25,620 Office salaries 106,000 Medicare tax withheld 6,405 $427,000 Retirement savings 9,394 Group insurance 7,686 $124,257 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6%...
Which of the following taxes would not be included in payroll tax expense of an employer? A. Federal unemployment taxes B. Employer FICA-Social Security taxes C. Income tax withholdings D. State unemployment taxes E. Employer FICA-Medicare taxes
Briefly explain the purpose served by payroll taxes and how they are collected. Describe any comment that economists point out with regard to payroll taxes. TT T Arial 3 (12pt) T !!!
The Apollo Family Restaurant has the following information from its payroll records for the year ended December 31, 2018 Salanes and wages earned by employees $18.000 Income taxes withheld from employees FICA taxes withheld from employees Hot pay to employees The employer amount of FICA taxes that Apollo Family Restaurant to pay equal to the amount that it withholds from its employees. What is Apon Family Restaurant total expense with regard to this payroll $18.900 b. 515.300 $18.000 d. 514.400
Which of the following taxes would NOT be included in the total payroll tax expense the employer is responsible for paying? Employer Social Security taxes Employer Medicare taxes Federal and state income tax State unemployment taxes Federal unemployment taxes
Here is the whole question, someone please help im stuck Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions Salsslaries Warehouse salaries Office salaries $249,000 137,000 127,000 Income tax withheld Social security tax withheld Medicare tax withheld $90,288 30,780 7,695 11,286 9,234 $149,283 $513,000 Retirement savings Group insurance Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4%...